Overall Rating

MyBankTracker rated PerkStreet Financial based on the following criteria that includes
real customer reviews and bank fees, among others. Our bank report card is a proprietary rating system that highlights
the financial health and stability of the bank.

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PerkStreet Financial Customer Review

1 out of 5 marks

Apr 19th 2012

Well, this bank had the state-of-the-art bait and switch strategy, from how it changed the perks. The claim that you get 1% cash back is not true, it is in fact 0. 9% because for every 20 dollars you cash, you lose $ 2. So, 10% to these greedy bankers. Their claim that they changed the rebate program to help 90% customers is not true; banks are for profit not philantrophy. I started the process to remove my over $ 5k, which i had deposited to benefit from 2% rebate program, but i rather take to my hsbc which gives some interest.

Now i started using fidelity rewards card, which gives me 2% cash back for any purchases, and this is put into retirement savings account - opportunity to grow. I also got the penfed card that gives 5% rebate on gas and 3% rebate on groceries. To customers, dont believe on what they are advertising. I wonder why this bank is advertized on dave [REDACTED] website; and i am guessing dave is going crazy for this to be advertised there. Good buy perkstreet. Bad experience

Response by PerkStreet Financial

Responded by

Apr 19th 2012

We're sorry you feel this way and would like to provide more data behind the switch. The 2% for $5k balance product, which we offered for over 18 months, was no longer sustainable in the current economic environment. When we looked at how we could best serve our customers, we realized very few met the balance requirement and we didn't want to make our primary benefit even more exclusive. Looking at where most customers shopped and how they redeemed their perks, we found we could give most customers more back by offering 2% at the largest internet retailers and by expanding the number of rewards partners. To keep the flexibility of an option that could be used anywhere, we needed to make the cost of providing statement credits equal to the discount we get from these retailers.

If you are looking to use a credit card, the Fidelity program is a good one. We built this company to serve debit card users, however, and needed to make sure we made changes to ensure we served that market the best we could. Dave and his team understand and approve of changes that allow us to sustainably build a business that benefits the greatest number of customers. ~Jason

Other PerkStreet Financial Reviews

Nov 7th 2013

1 out of 5 marks

I deposited $50 to open an account to use at a later time and I checked back after some months later and almost all of it was gone! $4.50/mo. for inactivity fee! Could not believe it. All they had to do was hold my money. guess they couldn't resist taking it from me while I was not looking. Will never bank here again.

Sep 1st 2013

1 out of 5 marks

Perkstreet account holders, beware! Make sure that when you contact the bank to close your account, you also tell them to close your debit card and cancel overdraft protection.

Failure to do so in my case resulted in a debit card transaction being honored after I requested closure of my Perkstreet checking account because the overdraft protection was still in force and the debit card was still active - despite my checking account being "closed"!! I had called Perkstreet's customer service to close my checking account. During the course of this telephone conversation, Perkstreet's rep did not tell me I needed to close the debit card and cancel overdraft protection as well. I didn't know any better, and assumed that a closed account meant everything pertaining to the checking account was closed, including debit card and overdraft protection.

After I requested closure of my checking account, Perkstreet paid an online purchase transaction of -$75.00, then hit my account for a -$32.00 non-sufficient funds fee which put my checking account a total of -$107.00 in the hole. Somehow, my Perkstreet debit card had become the default payment method for my health insurance company's mail-order prescription service. It had not been the default previously, and I have no idea how the change occurred. Or maybe I did change it awhile back to earn more Perks and I just plain forgot. I'm not sure.

So now Perkstreet wants me to send them $107.00 to put the account balance back to zero. I'm not inclined to do so, seeing as how I lost $97.00 in Perks Rewards when they announced the bank's closure. However, I was told today by Perkstreet customer service that if I do not deposit the $107.00 then my account will remain open and future purchases would be honored. There's nothing quite like feeling your credit score is being held hostage by a dishonest bank. :/

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